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HomeMy WebLinkAbout899574RECORDATION REQUESTED By: The Jackson State Bank & Trust West Oflice P.O. Box 1788 50 Buffalo Way Jackson, WY 83001 WHEN RECORDED MAIL TO: The Jackson State Bank & Trust West Office P.O. Box 1788 50 Buffalo Way Jackson, WY 83001 SEND TAX NOTICES TO: The Jackson State Bank & Trust West Office P.O. Box 1788 50 Buffalo Way Jackson, WY 83001 RECEIVED LINCOLN COUNTY OLERK SPACE ABOVE THIS LINE IS FOR RECORDER'S USE ONLY CONSTRUCTION MORTGAGE MAXIMUM LIEN. The lien of this Me'rtgage shall not exceed at any one time $400,000.00. THIS MORTGAGE dated May 24, 2004, is made and executed between Brian J. Budge, a single man, whose address is P.O. Box 3041, Alpine, WY 83128 (referred to below as "Grantor") and The Jackson State Bank & Trust, whose address is P.O. Box 1788, 50 BuffalO Way, Jackson, WY 83001 (referred to below as "Lender"). GRANT OF MORTGAGE. For valuable consid{..ration, Grantor mortgages and conveys to Lender all of Grantor's right, title, and interest in and to the following described real property, together wilt!, all existing or subsequently erected or allixed buildings, improvemenls and fixtures; all easements, rights of way, and appurtenances; all water, water rights, watercourses and ditch rights (including stock in utilities wilh ditch or irrigation dghts); and all other rights, royalties, and profits relating to the r.e. al property, including without limitation all minerals, oil, gas, geothermal and similar matters, (the "Real Property") located in Lincoln County, State of Wyoming: Lot 22 of Trail Creek Subdivision, Lincoln County, Wyoming, according to that plat filed April 3, 2002 in the Office of the Lincoln County Clerk as Plat No. 196F. The Real Property or its address is commonly known as 221 Ashley Drive, Etna, WY 83118. Grantor presently assigns to Lender all of Grantor'S right, title, and interesl in and to all present and future leases ol the Property and all Rents from the Property. In addition, Grantor grants to Lender a Uniform Commercial Code security interest in the Personal Property and Renls. THIS MORTGAGE, INCLUDING THE ASSIGNMI~;NT OF RENTS AND THE SECURITY INTEREST IN THE RENTS AND PERSONAL PROPERTY, IS GIVEN TO SECURE (A) PAYMENT OF THE II'~DEBTEDNESS AND (B) PERFORMANCE OF ANY AND ALL OBLIGATIONS UNDER THE NOTE, THE RELATED DOCUMENTS, AND THIS MORTGAGE THIS MORTGAGE IS GIVEN AND ACCEPTED ON THE FOLLOWING TERMS: PAYMENT AND PERFORMANCE. Except as otherwise provided in this Modgage, Grantor shall pay to Lender all amounts secured by this Modgage as they become due and shall strictly pedorm all o~ Grantor's obligations under this Mortgage. CONSTRUCTION MORTGAGE. This Mortgago is a "construction mortgage" for the purposes of Sections 9-334 and 2A-309 of the Uniform Commercial Code, as those sections have been adopted by the State of Wyoming. POSSESSION AND MAINTENANCE OF THE PROPERTY. Grantor agrees that Grantor's possession and use of the Property shall be governed by the following provisions: Possession and Use. Until the occurrence of an Event of Default, Grantor may (1) remain in possession and control ol the Property; (2) use, operate or manage the Property; and (3) col;ect the Rents from the Property, Duty to Maintain. Grantor shall maintain the Property in good condition and promptly pedorm all repairs, replacements, and maintenance necessary to preserve its value. Compliance With Environmental Laws. Grantor represents and warrants to Lender that: (1) During the period of Grantor's ownership ol the Property, there has been no use, generation, manufacture, storage, treatment, disposal, release or threatened release of any Hazardous Substance by any person on, under, about or from the Property; (2) Grantor has no knowledge of, or reason to believe that there has been, except as previously disclosed to and acknowledged by Lender in writing, (a) any breach or violation of any Environmental Laws, (b) any use, generation, manufacture, storage, treatment, disposal, release or threatened release ol any Hazardous Substance on, under, about or from the ProPerty by any prior owners or occupants of the Property, or (c) any actual or threatened litigation or claims of any kind by any person relating to such matters; and (3) Except as previously disclosed to and acknowledged by Lender in writing, (a) neither Grantor nor any tenant, contractor, agent or other authorized user c[ the Property shall use, generate, manufacture, store, treat, dispose of or release any Hazardous Substance on, under, about or from the Property; and (b) any such activity shall be conducted in compliance with all applicable federal, state, and local laws, regulations and ordinances, including without limitation all Environmental Laws. Grantor authorizes Lender and its agents to enter upon the Property to make such inspections and tests, at Grantor's expense, as Lender may deem appropriate to determine compliance of Ihe Property with this section of the Mortgage. Any inspections or tests made by Lender shall be for Lender's purposes only and shall not be construed to create any responsibility or liability on the part of Lender to Grantor or to any other person. The representations and warranties contained herein are based on Grantor's due diligence in investigating the Property for Hazardous Substances. Grantor hereby .(1) releases and waives any future claims against Lender for indemnity or contribution in the event Grantor becomes liable for cleanup or other costs under any such laws; and (2) agrees to indemnify and hold harmless Lender against any and all claims, losses, liabilities, damages, penalties, and expenses which Lender may directly or indirectly sustain or suffer resulting from a breach of this section of the Mortgage or as a consequence of any use, generation, manufacture, storage, disposal, release or threatened release occurring prior to Grantor's ownership or interest in the Property, whether or not the same was or should have been known to Grantorl The provisions of this seclion of the Mortgage, including the obligation to indemnify, shall survive the payment of the Indebtedness and the satislaction and reconveyance ol the lien of this Mortgage and shall not be affected by Lender's acquisition of any interest in the Property, whether by foreclosure or otherwise. Loan No: 33048380 MORTGAGE ()~5~2~ (Continued) ,., --'-- 5 ,~ ~ Page 2 any Improvements on the Property, the Improvements Shall be completed no later than the maturity date of the Note (or such earlier date as Lender may reasonably establish) and Grantor shall pay in fall all costs and expenses in connection wilh the work. Lender will disburse loan proceeds un'er such terms and conditions as Lender may deem i'easonably necessary to insure that the interest created by this Modgage shall have priority over all possible liens, including those of material suppliers and workmen. Lender may require, among other things, thal disbursement requests be suppoded by receipted bills, expense affidavits, waivers of liens, construction progress reports, and such other documentation as Lender may reasonably request. DUE ON SALE - CONSENT BY LENDER. Lender may, at Lender's option, declare immediately due and payable all sums secured by this Modgage upon lhe sale or transfer, without Lender's prior written consent, of all or any part of the Real Property, or any interest in the Real Property. A '"sale or transfe'r" means the conveyance of Real Property/ or any right, title or interest in the Real Property; whether legal, beneficial or equitable; whether voluntary or involuntary; whether by oulright sale deed, installment sale contract, land contract, contract for deed, leasehold interest with a term greater than three (3) years, lease-option co ~tract, or by sal~, assignment, or transfer of any beneficial interest in or to any land Irusl holding title to the Real Property, or by any other method of conveyance,:.of ,an interest in the Real Property. However, Ibis option shall not be exercised by Lender if such exercise is prohibited by federal law or by Wyomin~l law. TAXES AND LIENS. The following provisions relating to the taxes and liens on the Property are part of this Mortgage: Payment. Grantor shall pay when due (andi'in all events prior to delinquency) all taxes, payroll taxes, special taxes, assessments, water charges and sewer service charges levied agains[ or on account of tb.e Property, and shall pay when due all claims for work done on or for services rendered or material furnished to the Properti/. Grantor shall maintain the Property free of any liens having priorily over or equal to the interesl of Lender under this Mortgage, except for those liens specifically agreed to in writing by Lender, and except for the lien of taxes and assessmenls not due as further specified in the Right to Contest paragraph. Right to Contest. Grantor may withhold payment of any tax, assessment, or claim in connection with a good leith dispute over the obligation to pay, so long as Lender's interest in the Property s not jeopardized. If a lien arises or is filed as a result of nonpayment, Grantor shall within fifteen (15) days after the lien arises or, il a lien is filed, within fifteen (15) days after Granlor has notice of lhe filing, secure the discharge of the lien, or if requested by Lender, deposit wilh Lender ca,ih or a sufficient corporate surety bond or other security salisfactory to Lender in an amount sufficient to discharge lhe lien plus any costs and rea¢onable attorneys' fees, or other charges that could accrue as a resull of a foreclosure or sale under the lien. In any contest, Grantor shall defend itself and Lender and shall satisfy any adverse judgment before enforcement againsl the Property. Grantor shall name Lender as an additional oblig~e under any surety bond furnished in the contest proceedings. Evidence of Payment. Grantor shall upon demand furnish to Lender satisfactory evidence of payment of the taxes or assessments and shall authorize the appropriate governmental officlal to deliver to Lender at any time a written statement of the taxes and assessments against the Property. "i Notice of Construction. Grantor shall notify Lender at least fifteen (15) days before any work is commenced, any services are furnished, or any materials are supplied to the Property, if any ,mechan c's lien, materialmen's lien, or other lien could be asserted on account of the work, services, or materials. Grantor will upon request of Lender furnish to Lender advance assurances satisfaclory to Lender that Grantor can and will pay the cost of such improvements. PROPERTY DAMAGE INSURANCE. ~he followii~g provisions relating to insuring the Property are a part of this Mortgage: Maintenance of Insurance. Grantor shall procure and maintain policies of fire insurance wilh standard extended coverage endorsements on a replacemenl basis for the full insurable value covering all Improvements on the Real Property in an amount sufficient to avoid application of any coinsurance clause, and with a standard mortgagee clause in favor of Lender. Policies shall be written by such insurance companies and in such form as may be reasonably acceptable to ~Lender. Grantor shall deliver to Lender certificates of coverage from each insurer containing a stipulation that coverage will not be cancelled' or diminished without a minimum of ten (10) days' prior written notice to Lender and not containing any disclaimer of ihe insurer's liability for failure to give such notice. Each insurance policy also shall include an endorsemenl providing that coverage in favor of Lender will not be impaired in any way by any act, omission or default of Grantor or any other person. Sbould lhe Real Property be located in an area designated by the Director of the Federal Emergency Management Agency as a special flood hazard area, Grantor agrees to obtain and maintain Federal Flood insurance, if available, within 45 days after notice is given by Lender that the Property is located in a special flood hazard area, for the full unpaid principal balance of the loan and any prior liens on the property securing the loan, up to the maximum policy limits set under the National Flood Insurance Program, or as otherwise required by Lender, and to maintain such insurance for the term of the loan· Application of Proceeds. Grantor shall promptly notify Lender of any loss or damage to the Property. Lender may make proof of loss if Grantor fails to do so within fifteen (15) days of the casualty. Whether or not Lender's security is impaired, Lender may, at Lender's election, receive and retain the proceeds of any insurance and apply the proceeds to the reduction of the Indebtedness, payment of any lien affecting the Property, or the restoration and repair of the Property. If Lender elects to apply the proceeds to restoration and repair, Grantor shall repair or replace the damaged or destroyed Improvements in a manner satisfactory to Lender. Lender shall, upon satisfactory proof of such expenditure, pay or reimburse Grantor from the proceeds for the reasonable cost of repair or restoralion if Grantor is not in default under this Mortgage. Any proceeds which have not been disbursed within 180 days after their receipt and which Lender has not committed to the repair or restoration of the Property shall be used first to pay any amount owing to Lender under this Mortgage, then to pay accrued interest, and the remainder, if any, shall be applied to the principal balance of the Indebtedness. If Lender holds any proceeds after payment in full of the IndebtedneSs, such proceeds shall be paid to Grantor as Grantor's interests may appear. LENDER'S EXPENDITURES. If Grantor fails (A) to keep the Property free of all taxes, liens, security interests, encumbrances, and other claims, to provide any required insurance on the Property, oi' (C) to make repairs lo the Property then Lender may do so. If any action or proceeding is commenced that would materially affect Lender's interests in the Property, then Lender on Grantor's behalf may, but is not required to, take any action that Lender believes to be appropriate to protect I~ender's interests. All expenses incurred or paid by Lender for such purposes will then bear interest at the rate charged under the Note from the date irlcurred or paid by Lender to the date of repayment by Grantor. All such expenses will become a part of the Indebtedness and, at Lender's oplion, will (A) be payable on demand; (B) be added to the balance of the Note and be apportioned among and be payable with any installment payments to decome due during either (~1) the term of any applicable insurance policy; or (2) the remaining term of the Note; or (C) be treated as a balloon payment which will be due and payable al the Note's maturity. The Mortgage also will secure payment of these amounts. The rights provided for in Ibis paragraph shall be in addition to any other rights or any remedies to which Lender may be entitled on account of any default· Any such action by Lender shall not be construed as curing Ihe default so as Io bar Lender from any remedy that it otherwise would have had. . · WARRANTY; DEFENSE OF TITLE. The following provisions relating to ownership of lhe Property are a part of this Mortgage: Title. Grantor warrants that: (a) Grantor hdlds good and marketable title of record to the Property in fee simple, free and clear of all liens and · encumbrances other .than those set forth in the Real Property description or in any title insurance policy, lille report, or final title opinion issued in favor of, and accepted by, Lender in connection with this Modgage, and (b) Grantor has the lull right, power, and authority to execute and deliver this Mortgage to Lender. .. Defense of Title. Subject to the exception i~i the paragraph above, Grantor warrants and will forever defend the title to the Property against the lawful claims of all persons· In the event an~! action or proceeding is commenced that questions Grantor's title or the interest of Lender under Ibis Mortgage, Grantor shall defend tile action ~t G{antor's ~.xnRn~R i~rRnlnr rn~w h~ fha nnmin~l n~r~,, ; ..... k ...... .4; ............... (Continued) Loan No: 33048380 Page 3 IMPOSITION OF TAXES, FEES AND CHARGES 'BY GOVERNMENTAL AUTHORITIES, The following provisions relating to governmental taxes, fees and charges are a part of this Mortgage: Current Taxes, Fees and Charges. Upon request by Lender, Grantor shall execute such documents in addition to this Mortgage and lake whatever other action is requested by Lender to perfect and continue Lender's lien on the Real Property. Grantor shall reimburse Lender for all taxes, as described, below, together with all expenses incurred in recording, perfecting or continuing this Mortgage, including without limitation all taxes, fees, documentary stamps, and other charges for recording or registering this Mortgage. Taxes. The following shall constitute taxes to which this section applies: (1) a specific lax upon this type the Indebtedness secured by this Mortgage; (2) a specific tax on Grantor which Grantor is authorized or required to deducl from payments on the Indebtedness secured by this type of Mortgage; (3) a tax on this type ol Mortgage chargeable against the Lender or the holder of the Note; and (4) a specific tax on all or any portio[~ of ihe Indebtedness or on payments of principal and interest made by Grantor. Subsequent Taxes. If any tax to which ilhis fSeclon applies is enacted subsequent to the dale of this Mortgage, this event shall have the same effect as an Eve~t of Default, and Lender may :exerc se any or all of its available remedies for an Evenl of Default as provided below unless Grantor either (1) pays the tax before it becomesl'deliequent, or (2) contests the tax as provided above in the Taxes and Liens section and deposits with Lender cash or a sufficient corporate surety bond or other security satisfactory to Lender. SECURITY AGREEMENT; FINANCING STATEMENTS. The following provisions relating to this Mortgage as a security agreement are a part of this Mortgage: ' Security Agreement. This instrument shall constitute a Security Agreement to the extent any of Ihe Property constitutes fixtures, and Lender shall have all of the rights cfa secured party uniter the Uniform Commercia Code as amended from time to time. Security Interest. Upon request by Lender, Granlor shall take whatever action is requesled by Lender to perfect and conlinue Lender's security interest in the Personal Property. In addition to recording this Mortgage in the real property records, Lender may, at any time and without fudl~er authorization from Grantor, fi e executed o0unterparts, copies or reproductions of this Mortgage as a financing statement. Grantor shall reimburse Lender for all expenses incurred in perfecting or continuing this security interest. Upon default, Grantor shall not remove, sever or detach the Personal Property from the Property. Updn default, Grantor shall assemble any Personal Property not affixed to the Property in a manner and at a place reasonably convenient to Grantor a, nd Lender and make it available to Lender within lhree (3) days afler receipt of written demand from Lender to the extent permitted by applicab;e laW. Addresses. The mailing addresses of Grantor (debtor) and Lender (secured party) from which information concerning Ihe security interest granted by this Mortgage may be obtained(each as required by the Uniform Commercial Code) are as stated on the first page of this Mortgage. FURTHER ASSURANCES; ATTORNEY-IN-FACT. The following provisions relating to further assurances and attorney-in-facl are a pad of this Modgage: Further Assurances. At any time, and ;rom' time to time, upon request of Lender, Grantor will make, execute and deliver, or will cause 1o be made, executed or delivered, to Lender or to Lender's designee, and when requested by Lender, cause to be filed, recorded, refiled, or rerecorded, as the case may be, at such', times and in such offices and places as Lender may deem appropriate, any and all such mortgages, deeds of trust, security deeds, security agreements. financing statements, continuation statements, instruments of further assurance, certificates, and other documents as may, in the sclc opinion of Lender, be necessary or desirable in order to effectuate, complete, pedect, conlinue, or preserve (1) Grantor's obligations unde( the Note, Ibis Modgag'e, and the Related Documents, and (2) the liens and security interests created by this Mortgage as first and prior liens on'the Property, whether now owned or hereafter acquired by Grantor Unless prohibited by law or Lender agrees to the contrary in writing, Grantor shall reimburse Lender for all costs and expenses incurred in connection with the matters referred to in this paragraph. Attorney-in-Fact. ft Grantor fails to do any of the'things referred to in the preceding paragraph, Lender may do so for and in the name of Grantor and at Grantor's expense. For such purposes, Grantor hereby irrevocably appoints Lender as Grantor's attorney-in-fact for the purpose of making, executing, delivering, filing, recording, and doing all other things as may be necessary or desirable, in Lender's sole opinion, to accomplish the matters referred to in the preceding paragraph. FULL PERFORMANCE. If Grantor pays all the Indebtedness when due, and otherwise performs all the obligations imposed upon Grantor under this Mortgage, Lender shall execute and deliver to Grantor a suitable satisfaction of this Mortgage and suitable statements of termination of any financing stalement on file evidencing Lender's security interest in the Rents and the Personal Property. Grantor will pay, if permitted by applicable law, any reasonable termination fee as determined by Lender from time to time. EVENTS OF DEFAULT. At Lender's option, Grantor will be in default under lhis Mortgage if any of the following happen: Payment Default. Grantor fails to makeany payment When due under the Indebtedness. Default on Other Paym~ents. Failure of Grantor within the time required by this Mortgage to make any payment for taxes or insurance, or any other payment necessary to prevent filing of or to effect discharge of any lien. Break Other Promises. Grantor breaks ~ny promise made to Lender or fails to perform promplly at the time and strictly in the manner provided in this Mortgage or in any agreement related to this Mortgage. Default in Favor of Third Parties. Should Grantor default under any loan, extension of credit, security agreement, purchase or sales agreement, or any other agreement, in favor of any oll")er (!reditor or person that may materially affect any of Grantor's property or Grantor"s ability to repay the indebtedness or Grantor's ability to pedorm Grantor's obligations under this MOrtgage or any related document. False Statements. Any representation o'" statement made or furnished to Lender by Grantor or on Grantor's behalf under this Mortgage or the Related Documents is false or misleading in any material respect, either now or at the time made or furnished. Defective Collateralization. This Mortgage o; any of the Related Documents ceases to be in full force and effect (including failure of any collateral document to create a valid and perfected security interest or lien) at any time and for any reason. Death or Insolvency. The death of Grantor, the insolvency of Grantor, the appointment of a receiver for any part of Grantor's property, any assignment tot the benefit of creditors, an,/type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against Grantor. Taking of the Property. Any creditor or governmental agency tries to take any of the Property or any other of Grantor's property in which Lender has a lien. This includes taking of, garnishing of or levying on Grantor's accounts with Lender. However, if Grantor disputes in good faith whether the claim on which the taking of the Property i,s based is valid or reasonable, and if Grantor gives Lender written notice of the claim and furnishes Lender with monies or a surety bond satis!actory to Lender to satisfy the claim, then Ihis default provision will not apply. Breach of Other Agreement. Any breach b~ Grantor under the terms of any other agreement between Granlor and Lender that is not remedied within any grace period provided therein, including without limitation any agreement concerning any indebtedness or other obligation of Grantor to Lender, whether existing now or later. Loan No: 33048380 MORTGAGE ~-}~'~ ' ' 5 ~ G (Continued) Page 4 Collect Rents. Lender shall have the rigbtl without notice to Grantor, to take possession of the Property, including during the pendency of foreclosure, whether iud c al or non-judicial, ~nd collect the Rents, including amounts past due and unpaid, and apply the net proceeds, over and above Lender's costs, against the Indebtedness. In furtherance of this right, Lender may require any tenant or other user of the Properly to make payments of rent or use fees directly to L~'ider If the Rents are collected by Lender, then Grantor irrevocably designates~Lender as Grantor's attorney-in-fact to endorse instruments received in payment thereof in the name oi Grantor and to negotiate the same and collect the proceeds. Payments by tenants Or other users to Lender in response to Lender's demand shall satisfy the obligalions for which the payments are made, whether or not any proper grounds for the demand existed. Lender may exercise its rights under this subparagraph either in personl by agent, or through a receiver. Appoint Receiver. Lender shall have the ri~]ht to have a receiver appointed to take possession of all or any part of the Properly, wilh the power to protect and preserve the Property, to operat!e~the Properly preceding foreclosure or sale, and to collect the Rents from the Property and apply the proceeds, over and above the cost of the receivership, against the Indebtedness. The receiver may serve without bond f permitted by law. Lender's right to the appointment of a red~i~er shall exist whether or not the apparent value of the Property exceeds the Indebtedness by a substantial amount. Employment by Lender shall not disqualify a person from serving as a receiver. Judicial Foreclosure. Lender may obtain a'judicial decree foreclosing Grantor's interest in all or any pad of the Property. Nonjudicial Sale. Lender may foreclose Grantor's interest in all or in any part of the Property by non-judicial sale, and Specifically by "power sale" or "advertisement and sale" foreclosure as provided by statute. Deficiency Judgment. Ii permitted by api;licable law, Lender may obtain a judgment for any deficiency remaining in the Indebtedness due to Lender after application of all amounts recei?d from the exercise of the rights provided in this section. Tenancy at Sufferance. If Grantor rema'i~l)s in possession of the Properly after the Properly is sold as provided above or Lender otherwise becomes entitled to possession of the Proper~y upon default of Grantor, Grantor shall become a tenant at sufferance of Lender or the purchaser of the Property and shall, at Lender's opt!on, either (1). pay a reasonable rental for the use of the Property, or (2) vacate the Property immediately upon Ihe demand of Lender. Other Remedies. Lender shall have all other rights and remedies provided in this Mortgage or the Note or .available at law or in equity. Sale of the Property. To the extent perm~lted by applicable law, Grantor hereby waives any and all right to have the Properly marshalled. In exercising its rights and remedies, Lender ~hall be free to sell all or any pad of the Property together or separately, in one sale or by separate sales. Lender shall be entitled to bid at any 'public sale on all or any portion of the Property. Notice of Sale. Lender will give Grantor r~'?aSonable notice of the time and place of any public sale of the Personal Property or of the time alter which any private sale or other intended disposition of the Personal Property is to be made. Reasonable notice shall mean notice given at least fen (10) days before the lime of the sale orldisposition. Any sale of the Personal Property may be made in conjunction with any sale of the Real Property. Election of Remedies. All of Lender,s righ~san¢ remedies will be cumulative and may be exercised alone or together. An election by Lender to choose.any one remedy will not bar Lendr~r from using any other remedy. Il Lender decides to spend money or to perform any ol Grantor's obligations under this Mortgage, after Grantbr's failure to do so, that decision by Lender will not affect Lender's right to declare Grantor in default and to exercise Lender's remedies. Attorneys' Fees; Expenses. If Lender institutes any suit or action to enforce any of the terms of this Mortgage, Lender shall be entitled to recover such sum as the court may adjudge reasonable as attorneys' fees at trial and upon any appeal. Whether or not any court action is involved, and to the extent not prohibited by law, all reasQnable expenses Lender incurs that in Lender's opinion are necessary al any time for the protection of its inlerest or the eniorcement of its righls ~;hall become a part of the Indebtedness payable on demand and shall bear interest at the Note rate from the date o[ the expenditure until repaid. Expenses covered by this paragraph include, without limitation, however subject to any limits under applicable law, Lender's reasonable attorneys' fees and Lender's legal expenses whether or not there is a lawsuit, including reasonable attorneys' fees and expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any anticipated post-judgment collection services, the cost of searching records, obtaining title reports (including foreclosure reports), surveyors' reports, and appraisal fees and title insurance, to the extent permitted by applicable law. Grantor also will pay any court costs, in addition lo all other sums provided by law. : NOTICES. Any notice required to be given under this Mortgage, including without limitation any notice of default and any notice of sale shall be given in writing, and shall be effective when actually d~livered, when actually received by lelefacsimile (unless otherwise required by law), when deposited with a nationally recognized overnight courier, or, if rnailed, when deposited in the United States mail, as first class, certilied or registered mail postage prepaid, directed to the addresses shown near tSe beginning of this Mortgage. All copies of notices of foreclosure from the holder of any lien which has priority over this Mortgage shall be sent to fender's address, as shown near the beginning of this Mortgage. Any person may change his or her address for notices under this Mortgage by giving formal written notice to the other person or persons, specifying that the purpose of the notice is to change the person's address. For notice purposes, Grantor agrees to keep Lender informed at all times of Grantor's current address. Unless otherwise provided or required by law, if there is more than' one Grantor, any notice given by Lender to any Grantor is deemed to be notice given to all Grantors. It will be Grantor's responsibility to tell the others 'ol the notice from Lender. MISCELLANEOUS PROVISIONS. The followincj: miscellaneous provisions are a pad ol this Mortgage: Amendments. What is wrilten in this Mortgage and in the Related Documents is Grantor's entire agreement with Lender concerning the matters covered by this Mortgage. To be effective, any change or amendment to this Mortgage must be in writing and must be signed by whoever will be bound or obligated by the change or amendi'nent. Caption Headings. Caption headings in this Mortgage are for convenience purposes only and are not to be used to interpret or define the provisions of this Modgage. ' Governing Law. This Mortgage will be governed by and interpreted in accordance with ~ederal law and the laws of the State of Wyoming. This Mortgage has been accepted by Lan:der in the State of Wyoming. Choice of Venue. If there is a lawsuit, Grantor agrees upon Lender's request to submit lo the jurisdiction of the courts of Teton County, State of Wyoming. No Waiver by Lender. Grantor understands 'Lender will not give up any of Lender's rights under this Mortgage unless Lender does so in writing. The fact that Lender delays or omits to exercise any right will not mean that Lender has given up that right. If Lender does agree in writing to give up one of Lender's rights, that does not ~mean Grantor will not have to comply with the other provisions of this Mortgage. Grantor also understands that ii Lender does consent to ia request, that does not mean thal Grantor will not have to get Lender's consent again if the situation happens again. Grantor further understands that just because Lender consents to one or more of Grantor's requests, that does not mean Lender will be required to consent to any ol Granto~;.'s future requests. Grantor waives presentment, demand for payment, protest, and notice of dishonor. Granlor waives all rights of exemption from: execution or similar law in the Proper~y, and Grantor agrees thai the rights of Lender in the Property under this Mortgage are prior to Grantor's ri(~hts wh e this Mortgage remains in eltect.